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Can you take out personal loans for laser eye surgery?

Yes, you can take out personal loans for laser eye surgery. Those who wear glasses or contact lenses will know that it can be a hassle. If you’re fed up with annual eye tests and keeping your lenses current, you may be wanting to explore laser eye surgery. While this can be a game changer for most, it does come at a price. People who can’t afford to pay for the procedure upfront may wish to take out a personal loan for laser eye surgery and pay it off over a period.

Who offers personal loans for laser eye surgery?

Medical loans like personal loans for laser eye surgery are offered by a range of traditional and non-traditional lenders, including banks, credit unions and online-only lenders. Depending on the amount you’re looking to borrow, your credit history and the type of loan you’re looking for, there are plenty of personal loans for laser eye surgery to choose from.

How do you take out personal loans for laser eye surgery?

If you’re looking to take out a personal loan for laser eye surgery, always start by comparing your options. Once you’ve found a personal loan for laser eye surgery which suits your needs and budget, you can click through directly to the lender's website and begin the application process. Depending on your needs and current financial situation, some borrowers may wish to engage a mortgage broker to help them structure their personal loans for laser eye surgery. Either way, you’ll need to give proof of identity. You’ll probably also have to provide evidence of your employment, income and financial position.

Can people with bad credit take out personal loans for laser eye surgery?

When it comes to borrowers with bad credit, there are generally not as many options available, especially through traditional lenders like banks and credit unions. There is, however, a range of non-traditional online lenders and peer-to-peer lending marketplaces that offer medical loans such as personal loans for laser eye surgery to borrowers with bad credit. Borrowers who have a history of bad credit should be cautious not to overextend themselves and take out a loan they can’t afford to repay.

How do you compare personal loans for laser eye surgery?

There is a wide range of personal loans for laser eye surgery on offer. To help you compare your options, look at the following;

  • Interest rate – Start by looking at the interest rate and compare the difference between a fixed and variable rate. When comparing options side by side, look at the comparison rate as it combines most fees to give you a more accurate picture of the cost of the loan.
  • Fees – Fees vary between lenders, so check establishment fees, ongoing fees, early repayment penalties and late payment fees.
  • Loan amount – Some lenders may have a minimum loan amount which may not suit you.
  • Loan terms – Loan terms vary between 30 days and seven years, depending on the lender and the amount you wish to borrow.
  • Repayment schedule – Some lenders may let you schedule your repayments to suit your pay cycle.

What are the pros and cons of personal loans for laser eye surgery?

Aside from the relief of not having to wear glasses or contact lenses again, there are other pros and cons of personal loans for laser eye surgery. Generally speaking, personal loans for laser eye surgery tend to have lower interest rates than credit cards, which might make this type of credit better value in the long run. If you opt for a short-term loan, always examine interest rates as short-term loans will generally be more expensive and have higher interest rates.

Frequently asked questions

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.